Mitigate the Risk of Reverse Digital Transformation in 2021

by | Mar 4, 2021

Steps Towards Ensuring Ongoing Paperless Adoption

After a period of rapid digital transformation across all sectors this year, organizations will need to identify ways to make new digital users comfortable, so that they will not revert back to paper communication or face-to-face interactions.

Fortunately, there are ways a company can avoid reverse digital transformation. By encouraging their customers to continue with digital communication. the company will realize the ongoing benefit of 2020’s paperless adoption.

Benefits of continued paperless adoption

When receiving physical mail wasn’t an option due to pandemic-related restrictions, customers were happy to receive their bills and statements digitally. But, once mail services normalize and the infection risk reduces, will they continue with digital communication? Or will they prefer a hybrid (receive both digital and print communication), or even revert back to paper completely?

Retaining customers on digital communication is clearly beneficial to the organization when you consider a 40% – 70% saving, compared to the total cost of print, postage and labor.

However, there’s a risk that customers who were forced to interact digitally during the 2020 pandemic, may need to know more about the benefits in order to convince them not to revert back to physical channels.

What happens next has massive cost implications for organizations

The number 1 priority is to make the digital customer experience better than any other. For example, digital alternatives, such as online bills and statements, must be simpler to use and less work for the customer overall.

While critical, this is easier said than done when customers are digital novices who potentially don’t feel comfortable viewing and paying a bill online.

Here are 5 steps towards achieving ongoing paperless adoption

1. Plan it out 

It’s advisable not to leave this to chance, but instead, have a strategy that will ensure customers are happy with digital communication and therefore will continue on paperless processes.

This plan needs a defined goal, a suitable solution and technology to achieve the required outcomes.

2. Give customers a number of digital options 

Not all customers like using the same channels, nor are they at the same level of digital maturity. The best approach is to offer a range of digital options and let the customer select the ones that best suit their needs.

3. Make it easy for customers to adopt and use digital options 

Remove all obstacles in the process of signing up to digital communication and make the whole experience as frictionless as possible.

Nothing will send people back to paper faster than a frustrating registration requirement or a complicated online bill payment process.

4. Cross-team collaboration is essential to drive results 

Successful retention requires everyone to be on the same page. Every team that is responsible for a customer touchpoint – marketing, operations, social, call center – must be aligned in terms of the goal to retain customers on digital.

5. Track and change tactics based on results  

Revisit the results of your strategic plan regularly and tweak your execution based on what has and hasn’t worked. Measure where customers tend to drop off digital channel/s and remove potential friction at those touchpoints.

In order to ensure that you don’t see a decline in your digital transformation targets in 2021, plan to support your digital users and ongoing paperless adoption. Don’t leave this to chance!

Doxim experts can help enhance your customers’ digital experience so that they remain paperless. TALK TO A DOXIM EXPERT

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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